|Fastest Growing Market:||Asia-Pacific|
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The global Construction Testing, Inspection, and Certification (TIC) Market is expected to register a CAGR of over 6%, during the forecast period (2022 - 2027). Primarily due to the development of human society, the requirements for building materials are becoming higher. The development of polymer materials and their application in the field of architecture has greatly enhanced and broadened the functions of building materials. With the development of material science and technology, many functional materials have been developed.
- Public/government authorities need to deliver infrastructure, real estate, retail, hotels, and hospitals that operate with safety and reliability as a core over the long term of its existence. safety and compliance are key to any major construction project. Considering the variable legislative requirements introduced by institutions, project-specific framework demands, and a host of other regulations to meet, commercial property development is a compliance minefield.
- TIC services in the marketplace cover a wide range of operations from planning to handover in greenfield projects, including testing, inspection and certification, and project management. Managing assets during the operational phase (facility management) with respect to structural stability, sustainability of MEP installation, including HVAC, fire system, and vertical transportation (lift), have also become a concern for the industry
- In the construction sector, non-destructive testing (NDT) services ensure that all materials and joining processes utilized during the various phases are of the highest quality. The applications of NDT services within the construction industry are considerably vast, ranging from building diagnoses to testing concrete structures.
- Various TIC services that cater to the construction industry include QA/QC site inspections, building materials testing, project management, and construction supervision, assistance with green building certifications like LEED, design reviews, permitting solutions, energy performance assessments, and lifecycle analysis.
- Some prominent construction certification programs offered by companies include ISO 55001 Asset Management, ISO 9001, and ISO 14001, to meet quality and environmental management regulations, and ISO 45001, which assesses occupational safety and health management systems to prevent workplace-related accidents and illness. SOCOTEC is the UK's largest independent construction materials testing laboratory that operates according to UKAS accredited procedures and test methods, whose sampling and testing methods are based entirely on the current British and European Standards.
- The construction sector is witnessing multiple partnership activities. For instance, in April 2021, FDH Infrastructure Services LLC collaborated with Marshall University on a multi-year agreement with the United States Army Corps of Engineers, Engineer Research and Development Center. The contract scope centers on non-destructive testing and structural health monitoring (SHM) technologies to characterize the lifecycle of embedded gate anchorages in big dams along navigable rivers.
- Due to Covid-19, construction sector activities were severely affected in some countries (such as India, China, Italy, Spain, and France, among others). Then, the construction industries were gradually allowed to take up production again. However, several difficulties arose due to the confinement measures and travel bans, such as labor shortages, supply chain disruptions leading to scarcity of construction material, and additional costs due to intensified health and security measures.
Scope of the Report
The scope of the study on construction TIC covers the services rendered for building and infrastructure-related activities across the entire project lifecycle. Global Construction TIC Market is segmented by Service (Testing and Inspection Service, Certification Service), by Sourcing Type (Outsourced, In-house), and by Geography.
Key Market Trends
Testing and Inspection Segment to Hold a Significant Share
- Globalization has resulted in product standardization norms and penetration of developed technologies across various industries such as building and construction, among others, resulting in the growth of the TIC market during the forecast period.
- Furthermore, the growing middle-class population, rapid urbanization, networking, and communication technology advancement, and a preference to outsource testing, inspection, and certification services have fueled the growth of the TIC market in the building and construction industry.
- Various players in the market are also focusing on developing and launching new products and services to cater to the needs of a wide range of customers across industries. For instance, in February 2021, Dekra, one of the world's leading testing, inspection, and certification, expanded into non-destructive material testing (NDT) services for the energy industry and pipeline construction. These services help to improve work performance and worker efficiency.
- The demand for TIC for building and construction is increasing as the industry's structural safety needs grow. Many builders and contractors prefer TIC because it helps to ensure that construction projects are completed on time. Constant variation in the prices of testing methods can be a market restraint. The emergence of green and sustainable construction may present a market opportunity for TIC service providers. However, lacking testing facilities and skilled resources may pose a market challenge.
- Furthermore, the Central Government of India provided a 100% capital investment in December 2021 for the construction of a building, the establishment of utilities, and the test lane equipment for the test center. It will further drive the market growth over the forecast period.
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Asia Pacific to Hold Significant Market Share
- Asia-Pacific is expected to have a high CAGR during the forecast period due to rising R&D investment, rapid urbanization and industrialization, massive manufacturing capabilities and exports, rising per capita income among the middle-class population, improved lifestyles, and increasing consumer awareness about the importance of quality certification, testing, and inspection. Furthermore, the developed countries have manufacturing units in the region, particularly in China and India.
- For instance, by March 2022, the Government of India intends to build 8,500 kilometers of roads and 11,000 kilometers of National Highway corridors in the country. The publisher anticipates that these construction activities will help the industry grow in 2022. The Indian government and the government of Dubai signed an agreement to construct industrial parks, IT towers, logistics centers, a medical college, multipurpose towers, and a specialized hospital in Jammu and Kashmir.
- The advancements in networking and communication technology, and the preference for outsourcing testing, inspection, and certification services have all contributed to the growth of the TIC market in the building and construction industry. Additionally, in November 2021, the Indian Administration approved the construction of 3.61 lakh homes under the Pradhan Mantri Awas Yojana (Urban). Moreover, supporting the new housing units takes the total number of sanctioned places under the scheme to 1.14 crore which has driven the market growth.
- During the last few years, countries worldwide have noticed significant urban population growth. Hence, the expectation for safe, sustainable buildings and a healthy urban environment is increasing. TIC services are helping players in the construction sector develop facilities and infrastructure that are high quality, profitable, and compliant with environmental and safety regulations. Furthermore, in August 2021, India announced its plans to raise INR 6 trillion through an asset-leasing program to free up government budget funds for infrastructure projects.
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Global Construction TIC Market is competitive with the presence of various players such as Intertek Group PLC, Bureau Veritas SA, Kiwa NV, Applus Services SA, among others. The market players are concentrating on expanding their national and international customer base. These firms leverage strategic collaborative initiatives to improve their market share and profitability. However, with technological betterment and product inventions, mid-size to smaller businesses expand their market presence by securing new contracts and entering new markets.
- January 2022 - The SOCOTEC Group, a key vendor in building and infrastructure risk management, has announced the acquisition of Inpijn Blokpoel, a major player in the Dutch ground investigation and geotechnical market. SOCOTEC strengthens its position as a key player in the Dutch construction and infrastructure TIC market by acquiring Inpijn Blokpoel Engineers and expanding its service portfolio to serve its customers better. The group's goal is to become the leading provider of testing, inspection, and certification services in the construction and infrastructure sectors and throughout the lifecycle of any built environment.
- February 2022 - Iguá, one of Brazil's largest sanitation companies, has received Climate Bonds Standard Certification for Water Infrastructure in an operation that will fund its concessions in the states of Mato Grosso and Paraná. This is Latin America's first certified green bond, with assets entirely dedicated to the sector. The BRL 880 million will be used to capture, treat, and distribute water as well as collect sewage in the cities of Cuiabá (MT) and Paranaguá (PR). Bureau Veritas, a global leader in testing, inspection, and certification (TIC), served as the assets' verifier.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porters Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitutes
4.2.5 Intensity of Competitive Rivalry
4.3 Industry Value Chain Analysis
4.4 Assessment of Impact of COVID-19 on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Growing Investments in Construction Activities
5.2 Market Challenges
5.2.1 Growing Complexity in Supply Chains
6.1 By Service Type
6.1.1 Testing and Inspection Service
6.1.2 Certification Service
6.2 By Sourcing Type
6.3 By Geography
6.3.1 North America
22.214.171.124 United States
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
184.108.40.206 South Korea
220.127.116.11 Rest of Asia-Pacific
6.3.4 Latin America
18.104.22.168 Rest of Latin America
6.3.5 Middle East & Africa
22.214.171.124 United Arab Emirates
126.96.36.199 Saudi Arabia
188.8.131.52 Rest of Middle East and Africa
7. COMPETITIVE LANDSCAPE
*List Not Exhaustive
7.1 Company Profiles
7.1.1 Intertek Group PLC
7.1.2 Bureau Veritas SA
7.1.3 Kiwa NV
7.1.4 Applus+ Services SA
7.1.5 Dekra certification Gmbh (DEKRA SE)
7.1.6 TÜV SÜD
7.1.7 Vincotte International SA
7.1.8 HQTS Group
7.1.9 SGS SA
7.1.10 MISTRAS Group Inc.
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
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Frequently Asked Questions
What is the study period of this market?
The Construction TIC Market market is studied from 2022 - 2027.
What is the growth rate of Construction TIC Market?
The Construction TIC Market is growing at a CAGR of 6% over the next 5 years.
Which region has highest growth rate in Construction TIC Market?
Asia-Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Construction TIC Market?
Asia-Pacific holds highest share in 2021.
Who are the key players in Construction TIC Market?
Intertek Group PLC, Bureau Veritas SA, Kiwa NV, Applus Services SA, Dekra certification Gmbh (DEKRA SE) are the major companies operating in Construction TIC Market.